1. MTN Uganda Limited Financial Information Analysis for
The Years 2022, 2021, and 2020.
By Kevin Karuga

2. Table of Content
1. Industry Description and Company Description
2. Balance sheet analysis
3. Income statement analysis
4. Cash flow statement analysis
5. Ratio calculations and analysis
6. Conclusions
7. Bibliography
8. Thank you

3. Industry and Company Description
 Industry
AS OF 24TH APRIL 2023, there were 4 registered National Telecommunication Operators in Uganda by the Uganda
Communication Commission; they are AIRTEL Uganda Limited, MTN Uganda Limited, Tangerine Limited / LYCA
Mobile, and Uganda Telekom. MTN is the leading telecommunication company by both infrastructure and
subscriptions.
(Uganda Communication Commission,2023)
 Company description:
Location: National Telecommunication operator in Uganda headquartered in Kampala
Employees: As of December 2022 the average number of persons employed by MTN Uganda was 549 excluding
contract staff.
Competition: AIRTEL Uganda Limited, Tangerine Limited / LYCA Mobile, and Uganda Telekom.
Service performance Technology & penetration Infrastructure
17.2 million mobile subscribers 78.4% - 4G population coverage 3,075 Base Stations
6.7 million data subscribers 91.4% - 3G population coverage 9,418km - Fibre network coverage
11.0 million fintech subscribers 98.1% - 2G population coverage Strong partner ecosystem
1.5 million digital subscribers 35.0% - Smartphone penetration Experienced Board of directors with
strong backing from MTN Group
(MTN Uganda Limited, 2023)

4. Balance Sheet Analysis
FY 2022
UG Shs ‘000
FY2021
UG Shs ‘000
FY2020
UG Shs ‘000
Assets
Non-current Assets 2,337,457,432 1,952,484,573 1.873,219,245
Current Assets 1,632,341,182 1,345,910,320 886,804,785
Total Assets 3,969,798,614 3,298,394,893 2,760,024,030
Equity 903,997,553 836,158,870 725,954,736
Liabilities
Non-current liabilities 1,080,517,845 816,589,221 832,166,247
Current liabilities 1,985,283,216 1,645,646,802 1,201,903,047
Total liabilities 3,065,801,061 2,462,236,023 2,034,069,294
Total Equity and Liabilities 3,969,798,614 3,298,394,893 2,760,024,030
(MTN Uganda Limited, 2023)

5. Income Statement Analysis
FY 2022
UG Shs ‘000
FY2021
UG Shs ‘000
FY2020
UG Shs ‘000
Operating profit 772,277,222 636,276,281 598,942,522
Finance income 37,923,920 22,501,091 17,234,151
Finance costs (219,172,077) (167,834,272) (155,797,780)
Profit before tax 591,029,065 490,943,100 460,378,893
Income tax expense (184,978,704) (150,532,726) (138,696,740)
Profit for the year 406,050,361 340,410,374 321,682,153
Other comprehensive income for the year
net of tax -
. - -
(MTN Uganda Limited, 2023)

6. Cash Flow Statement Analysis
FY 2022
UG Shs ‘000
FY2021
UG Shs ‘000
FY2020
UG Shs ‘000
Net cash generated from operating
activities
1,028,437,058 548,539,031 432,949,651
Net cash used in investing activities (332,826,751) (316,472,190) (612,074,750)
Net cash used in financing activities (679,416,078) (100,099,430) 133,028,517
Net increase in cash at bank and in hand 16,194,229 131,967,411 (46,096,582)
Movement in cash at bank and in hand –
At end of year
200,772,719 188,814,310 59,170,525
(MTN Uganda Limited, 2023)

7. Ratio Calculations and Analysis
Name Trailing Twelve Months 5-Year Average
Price-to-Earnings Ratio 9.1
Profitability:
Net Profit margin 17.75% 17.37%
Management Effectiveness
Return on Equity 46.67% 36.14%
Return on Investment 26% 25.91%
Efficiency
Asset Turnover 0.63%
Inventory Turnover 30.77%
Payout Ratio 83.29%
MTN Uganda Ltd (MTNU) – 165.00 UGX
(Invest.com, 2023)

8. Conclusions
 The documents used for the analysis were prepared by PricewaterhouseCoopers Certified Public Accountants
according to the Ugandan Companies Act requirements. In all the financial reports, the auditors confirmed;
a) to have obtained all the information and explanations which to the best of our knowledge and
the belief was necessary for the purposes of our audit;
b) in their opinion, proper books of account have been kept by the Company, so far as appears from their
examination of those books; and
c) the Company’s statement of financial position and statement of comprehensive income are in agreement with
the books of account.
 Data from the ratio analysis shows that MTN Uganda Limited is a good investment for interested shareholders.
The profitability ratio is stable coupled with strong management effectiveness. With a return on investment at
26%, this is a fairly good company to earn from dividends.
 The Group made a net profit for the year ended 31 December 2022 of Shs 406,050 million (2021: Shs 340,410
million). During the year ended 31 December 2022, the Group declared a dividend of Shs 338,212 million
(2021: Shs 230,206 million). The directors recommend the payment of a final dividend of Shs 123,140 million
(2021: Shs 105,363 million).
 MTN is financially healthy with professional accounting practices.

9. Bibliography
 Uganda Communication Commission. (2023) National Telecommunication Operators in Uganda.
List of operators https://www.ucc.co.ug/
 MTN Uganda. (2023). Financial Results. https://www.mtn.co.ug/investors/financial-reports/
 PricewaterhouseCoopers Certified Public Accountants. (2023) Services.
https://www.pwc.com/gx/en/about/office-locations/uganda.html
 MTN (Uganda) Limited. (2023) Annual Report and Consolidated Financial Statements for the year ended 31
December 2022. https://www.mtn.co.ug/wp-content/uploads/sites/7/2023/04/MTN-Uganda- Limited-
Annual-Financial-Statements-2022.pdf
 MTN (Uganda) Limited. (2022) Annual Report and Consolidated Financial Statements for the year ended 31
December 2021. https://www.mtn.co.ug/wp-content/uploads/sites/7/2023/02/MTN-UGANDA-LIMITED-
AUDITED-FINANCIAL-STATEMENTS-2021.pdf
 MTN (Uganda) Limited. (2021) Annual Report and Consolidated Financial Statements for the year ended 31
December 2020. https://www.mtn.co.ug/wp-content/uploads/sites/7/2023/02/MTN-Uganda-Audited-
Financial-Statements-2020.pdf
 Invest.com. (2023). MTN Uganda Ratios. https://www.investing.com/equities/mtn-uganda-ratios

10. Thank You